New report ranks Nelson among wealthiest in Senate
Posted: Wednesday, March 19, 2008
OMAHA, Neb. (AP) -- Ben Nelson is among the wealthiest members of the U.S. Senate, with a net worth between $7 million and $19.8 million, according to an analysis by the Center for Responsive Politics.
Nelson, a Nebraska Democrat, is No. 16 on the list, although the ranking is not exact because lawmakers are required to report only a range of the value of their assets.
Federal lawmakers are required to report their income and assets each year.
The Center for Responsive Politics, a nonprofit group that tracks money in politics, added the lawmakers' range of assets and then subtracted their range of liabilities. The center then calculated the midpoint of the resulting range and used the figure to rank lawmakers as of 2006, the latest year for which figures were available.
Nelson's Republican counterpart, Sen. Chuck Hagel, had a net worth between $2.2 million and $7.5 million, putting him No. 29 among senators. His assets included large investments in the Omaha-based McCarthy Group.
Nelson owned stakes in Berkshire Hathaway, Ameritas Life and Quarry Woods, among other firms.
The median net worth of U.S. senators was $1.7 million in 2006, and 58 percent of senators could be considered millionaires, according to the center. Nationally, about 1 percent of adults had a net worth greater than $1 million around the same time.
Even though he's in the top 20, Nelson's wealth was dwarfed by some of the senators who rank above him. Atop the list is Sen. John Kerry of Massachusetts, who was worth between $221.6 million and $314 million.
Nebraska's U.S. representatives -- all Republicans -- were worth far less, with the 2nd District's Lee Terry recording a net worth of between $51,000 and $456,000. That puts him at No. 339 among House members.
Jeff Fortenberry, who represents Nebraska's 1st District, had a net worth of between $130,000 and $540,000, putting him at No. 317.
Information about Tom Osborne, who did not run for re-election in the state's 3rd District in 2006, wasn't yet available on the center's site.
Adrian Smith, who was elected in 2006 to replace Osborne, was worth between $35,000 and $376,000, ranking 354th among all members of the House.
The median net worth of House members was about $675,000, with 44 percent of members having net worths estimated to be at least $1 million, according to the center.
Nelson was involved in the most expensive Senate race in Nebraska history in 2006, spending about $7 million to Republican Pete Ricketts' nearly $13 million. He beat Ricketts with more than 60 percent of the vote.
Nelson didn't tap his personal wealth for the win, while Ricketts spent about $12 million of his own money.
On the Net:
Center for Responsive Politics: www.opensecrets.org
Nelson, a Nebraska Democrat, is No. 16 on the list, although the ranking is not exact because lawmakers are required to report only a range of the value of their assets.
Federal lawmakers are required to report their income and assets each year.
The Center for Responsive Politics, a nonprofit group that tracks money in politics, added the lawmakers' range of assets and then subtracted their range of liabilities. The center then calculated the midpoint of the resulting range and used the figure to rank lawmakers as of 2006, the latest year for which figures were available.
Nelson's Republican counterpart, Sen. Chuck Hagel, had a net worth between $2.2 million and $7.5 million, putting him No. 29 among senators. His assets included large investments in the Omaha-based McCarthy Group.
Nelson owned stakes in Berkshire Hathaway, Ameritas Life and Quarry Woods, among other firms.
The median net worth of U.S. senators was $1.7 million in 2006, and 58 percent of senators could be considered millionaires, according to the center. Nationally, about 1 percent of adults had a net worth greater than $1 million around the same time.
Even though he's in the top 20, Nelson's wealth was dwarfed by some of the senators who rank above him. Atop the list is Sen. John Kerry of Massachusetts, who was worth between $221.6 million and $314 million.
Nebraska's U.S. representatives -- all Republicans -- were worth far less, with the 2nd District's Lee Terry recording a net worth of between $51,000 and $456,000. That puts him at No. 339 among House members.
Jeff Fortenberry, who represents Nebraska's 1st District, had a net worth of between $130,000 and $540,000, putting him at No. 317.
Information about Tom Osborne, who did not run for re-election in the state's 3rd District in 2006, wasn't yet available on the center's site.
Adrian Smith, who was elected in 2006 to replace Osborne, was worth between $35,000 and $376,000, ranking 354th among all members of the House.
The median net worth of House members was about $675,000, with 44 percent of members having net worths estimated to be at least $1 million, according to the center.
Nelson was involved in the most expensive Senate race in Nebraska history in 2006, spending about $7 million to Republican Pete Ricketts' nearly $13 million. He beat Ricketts with more than 60 percent of the vote.
Nelson didn't tap his personal wealth for the win, while Ricketts spent about $12 million of his own money.
On the Net:
Center for Responsive Politics: www.opensecrets.org
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